While maintaining its 'hold' recommendation on Bayer, Stifel has lowered its target price from €42 to €30, a target based on the historical P/E and EV/EBITDA multiples applied to its 2024 projections.

The broker anticipates adjusted EBITDA of €4 billion for the first quarter of 2024, down 11% year-on-year mainly due to Agrochemicals, but says it is below consensus in each of the German group's three segments.

Stifel expects the year-on-year trend to improve in the second half, with cost savings and easy comparables, but its 2024 EBITDA forecast of 10.1 billion is at the low end of the target range.

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